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Not Investment Advice

STLD

NASDAQ · USD
Steel Dynamics, Inc.
Basic Materials · Steel
CEO Mark D. Millett Employees 14,400 R&D / revenue 0.0%
Last price
$240.54−0.09%last session
Market cap
$34.5B
P/E (TTM)
21.7x
From 52w high
−16.7%
From 52w low
+70.1%
1-year return
+68.6%
RSI 14 · vs SMA200
54.2 · +9.3%
IS score
62.9/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

STLD   SPY   XLB (sector ETF) · weekly closes
100120140160180Jan 26Apr 26Jul 26Oct 26STLD 169XLB 118SPY 116

Score DNA

Each bar is a 0-100 score within the scored universe
43
Profitability
73
Growth
62
Value
88
Momentum
100
Risk (safety)
70
Quality
77
Balance sheet
80
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
None of the computed warning flags fires for STLD (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 7 / 9Altman Z 5.9Beta 1.513 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
13 open-market sales, $7.6M
Form 144 notices (12m): 8, $9.5M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-05-01
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+86
159 new holders, 65 closed
1,028 filers hold 83.5% · 346 added, 374 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+155
1,067 funds adding shares
912 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
47.1%
20-day avg 57.2%, 50-day avg 56.2%
Latest 10.1 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$18.2B
Revenue growth YoY+3.6%
Gross margin13.0%
Operating income$1.5B
Operating margin8.1%
Net income$1.2B
Net margin6.5%
EPS (diluted)$7.99
Cash flow
Operating cash flow$1.4B
Capital expenditure$948.0M
Free cash flow$501.5M
FCF conversion (FCF / OCF)34.6%
Stock-based compensation$0
FCF less SBC$501.5M
Buybacks$900.9M
Dividends$291.2M
Balance sheet & returns
Cash & short-term investments$769.9M
Total debt$4.2B
Net debt$3.4B
Shareholders' equity$8.9B
Goodwill & intangibles$808.8M
Debt / equity0.44
ROE (TTM)17.6%
ROIC (TTM)10.8%
Operating margin by fiscal year
23.4%FY202122.9%FY202216.8%FY202311.1%FY20248.1%FY2025
Revenue $18.4B (FY2021) to $18.2B (FY2025), a -0.3% CAGR.

Valuation

P/E (TTM)21.7x
EV / EBITDA12.8x
Price / sales1.68x
Price / FCF36.1x
FCF yield2.77%
Buyback yield2.61%
SBC / revenue0.2%
Price / book3.69x
Forward P/E FY202613.6x
Forward P/E FY202711.1x
Forward P/E FY202812.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $273.33 across 6 analysts last quarter is theirs, not ours.

STLD vs industry median

74 companies in Steel
Gross margin 14.6% 14.2% Operating margin 10.6% 4.3% Net margin 7.8% 2.7% ROIC 10.8% 3.2%
STLD (TTM)Industry median Asset turnover 1.20 vs industry 0.91 · financial leverage 1.82

Earnings delivery

Next report 2026-10-19 · consensus EPS $5.47
67%
beat rate, 8 of 12 quarters
+1.5%
median EPS surprise
3
longest beat streak
+0+1-2+5+2+4-20+4-10+4+7-2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-19 to 2026-04-22. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
STLD Steel Dynamics, Inc. $34.5B21.7x17.6%7.8%+3.6% +68.6%
MT ArcelorMittal S.A. $47.5B26.7x3.3%4.1%+3.6% +63.5%
RS Reliance Steel & Aluminum Co $21.0B23.8x12.2%7.0%+15.4% +55.0%
NUE Nucor Corporation $58.1B20.4x13.6%11.1%+17.2% +95.5%
CRS Carpenter Technology Corpora $18.7B35.6x25.8%19.1%+8.6% +58.5%
TX Ternium S.A. $11.2B15.8x5.7%7.9%−1.6% —
CMC Commercial Metals Company $7.2B11.0x14.8%8.0%+20.5% —
CLF Cleveland-Cliffs Inc. $6.9Bn/m-15.3%-2.8%+4.0% —
12-month window: SPY +15.9%, sector ETF XLB +17.8%. Past returns describe history only.

Recent 8-K filings

2026-09-18Regulation FD; Exhibits
2026-08-18Officer/Director Change
2026-08-14Other Events; Exhibits
2026-08-04Officer/Director Change; Regulation FD; Exhibits
2026-07-21Earnings Release; Exhibits
2026-06-18Regulation FD; Exhibits

Context

Shares outstanding143,328,097
Free float93.2%
Institutional ownership83.5%
Beta1.51
Dividend yield0.87%
Last dividend$0.53 on 2026-09-30
50 / 200-day average$239.81 / $219.78
Large-cap Basic Materials median P/E30.3x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where STLD sits among 11 scored companies in Steel (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureSTLDIndustry medianIndustry percentileSector median
P/E (TTM) 21.5x 22.5x
43rd		 19.5x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 1.7x 0.8x
90th		 1.9x
Price / book 3.7x 1.5x
90th		 2.3x
Price / tangible book 3.8x 1.9x
80th		 3.3x
Price / free cash flow 36.1x 36.1x
50th		 16.3x
Price / operating cash flow 21.9x 11.1x
67th		 9.6x
Enterprise value $38.1B $14.5B
80th		 $5.4B
EV / sales 1.9x 0.9x
90th		 2.0x
EV / EBITDA 12.8x 11.4x
60th		 10.8x
EV / EBIT 16.1x 16.1x
50th		 14.7x
EV / free cash flow 39.9x 39.9x
50th		 21.6x
Earnings yield 4.7% 3.8%
70th		 3.9%
FCF yield 2.8% 2.6%
70th		 4.3%
Operating cash flow yield 4.6% 7.6%
40th		 9.8%
Graham number (per share) $127.82 $88.44
71st		 $36.55

Profitability (TTM)

MeasureSTLDIndustry medianIndustry percentileSector median
Gross margin 14.6% 14.6%
50th		 32.1%
EBITDA margin 14.5% 12.2%
80th		 19.0%
Operating margin 10.6% 7.5%
80th		 13.8%
EBIT margin 11.5% 7.3%
80th		 12.3%
Net margin 7.8% 4.4%
80th		 6.8%
NOPAT margin 7.8% 5.0%
70th		 10.1%
FCF margin 4.7% 2.6%
80th		 6.4%
Operating cash flow margin 7.7% 7.7%
50th		 15.6%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 3.8% 5.6%
20th		 9.4%
Stock comp / revenue 0.2% 0.2%
40th		 0.4%
Effective tax rate 26.3% 21.0%
90th		 22.5%

Returns on capital

MeasureSTLDIndustry medianIndustry percentileSector median
ROE (on average equity) 17.6% 5.7%
90th		 12.1%
ROA 9.8% 2.9%
90th		 5.0%
ROIC 12.3% 6.4%
80th		 9.8%
ROCE 16.0% 5.6%
90th		 9.7%
Return on tangible assets 14.5% 4.8%
90th		 8.5%
Cash ROIC (OCF / invested capital) 12.1% 10.9%
60th		 14.9%
Gross profitability (GP / assets) 17.5% 11.3%
80th		 17.5%
ROIC, 3-yr average 10.4% 4.5%
90th		 6.5%
ROIC, 5-yr average 21.6% 10.1%
100th		 8.1%
ROE, 5-yr average 28.6% 10.2%
100th		 9.1%
Incremental ROIC 87.1% 42.1%
67th		 28.3%

Growth

MeasureSTLDIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 19.8% 15.4%
80th		 9.7%
Revenue growth (QoQ) 17.0% 9.5%
90th		 9.5%
Revenue CAGR, 3 yr 0.1% -0.2%
56th		 2.3%
Revenue CAGR, 5 yr 9.7% 7.1%
89th		 7.3%
Gross profit CAGR, 3 yr -14.6% -1.9%
29th		 5.4%
Operating income CAGR, 3 yr -17.6% -15.0%
25th		 7.8%
Net income growth (TTM YoY) 54.4% 40.9%
67th		 45.4%
Net income CAGR, 3 yr -18.8% -16.4%
33rd		 7.3%
EPS growth (TTM YoY) 59.7% 41.5%
67th		 44.1%
EPS CAGR, 3 yr -14.4% -14.4%
50th		 8.0%
EPS CAGR, 5 yr 10.6% 4.4%
83rd		 11.5%
FCF growth (TTM YoY) —
FCF CAGR, 3 yr -31.8% -31.8%
50th		 3.8%
Operating cash flow CAGR, 3 yr -27.8% -18.4%
12th		 7.7%
Book value CAGR, 3 yr 8.2% 3.5%
89th		 6.5%
Dividend CAGR, 3 yr 6.5% 3.0%
86th		 2.6%
Sustainable growth rate 14.3% 9.9%
86th		 13.5%

Margin history & stability

MeasureSTLDIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 15.4% 15.4%
50th		 29.8%
Operating margin, 3-yr average 10.7% 7.3%
90th		 12.0%
Net margin, 3-yr average 8.3% 2.8%
90th		 6.3%
FCF margin, 3-yr average 2.9% 2.9%
50th		 7.1%
Revenue stability (0-1) 0.49 0.41
60th		 0.60
Earnings stability (0-1) 0.19 0.26
30th		 0.41
Margin stability (0-1) 0.75 0.69
70th		 0.83

Liquidity (latest quarter)

MeasureSTLDIndustry medianIndustry percentileSector median
Cash & short-term investments $567.7M $393.3M
60th		 $245.7M
Net cash (− = net debt) −$3.6B −$2.3B
30th		 −$465.1M
Working capital $5.0B $3.2B
70th		 $531.5M
Current ratio 3.18 2.34
80th		 2.08
Quick ratio 1.45 1.43
60th		 1.42
Cash ratio (cash + ST investments / current liabilities) 0.25 0.25
50th		 0.45
Defensive interval (days) 1,323 days 1,299 days
60th		 773 days

Leverage & solvency (latest quarter)

MeasureSTLDIndustry medianIndustry percentileSector median
Total debt $4.2B $3.0B
70th		 $807.4M
Debt / equity 0.44 0.32
60th		 0.50
Net debt / equity 0.38 0.24
60th		 0.30
Debt / assets 24.4% 19.2%
60th		 24.4%
Debt / capital 30.7% 24.3%
60th		 33.5%
Debt / EBITDA 1.40 1.55
40th		 1.80
Net debt / EBITDA 1.21 1.19
60th		 1.17
Interest coverage (EBIT / interest) 21.0x 5.7x
90th		 6.7x
Cash interest coverage 13.9x 7.4x
80th		 7.7x
Debt payback (years of OCF) 2.7 yrs 2.6 yrs
67th		 2.6 yrs
Liabilities / assets 45.3% 42.7%
60th		 47.8%
IS credit model rating AA+ — —
Implied credit spread (bps) 65 225
0th		 162

Efficiency

MeasureSTLDIndustry medianIndustry percentileSector median
Asset turnover 1.26 1.08
80th		 0.66
Fixed asset turnover 2.42 2.10
78th		 1.53
Inventory turnover 4.9 4.9
50th		 4.9
Receivables turnover 9.9 8.7
70th		 8.7
Days sales outstanding 37 days 42 days
30th		 42 days
Days inventory outstanding 75 days 75 days
50th		 74 days
Days payables outstanding 28 days 39 days
30th		 49 days
Cash conversion cycle (days) 84 days 79 days
60th		 61 days
Capex / revenue 3.0% 6.2%
20th		 7.8%
Capex / depreciation 1.00 1.46
20th		 1.09
Operating expense ratio 3.2% 7.0%
10th		 11.3%

Cash flow & earnings quality

MeasureSTLDIndustry medianIndustry percentileSector median
Operating cash flow / net income 0.98 1.34
29th		 1.55
FCF / net income 0.59 0.57
57th		 0.89
FCF / operating cash flow 60.8% 41.4%
89th		 52.6%
Capex / operating cash flow 39.2% 58.6%
11th		 47.0%
Accruals ratio 0.2% -3.5%
90th		 -5.6%
Sloan accruals ratio 3.1% -3.7%
80th		 -3.6%
Earnings quality score (0-1) 0.75 1.00
14th		 0.75

Dividends & buybacks

MeasureSTLDIndustry medianIndustry percentileSector median
Dividend yield 0.9% 1.1%
30th		 0.9%
Dividend per share (TTM) $2.09 $0.76
70th		 $0.40
Payout ratio (dividends / net income) 18.4% 18.1%
57th		 18.3%
Dividends / FCF 31.0% 32.3%
33rd		 17.9%
Dividend growth (YoY) 7.0% 1.4%
88th		 4.2%
Buyback yield 2.2% 1.0%
80th		 0.2%
Shareholder yield (dividends + buybacks) 3.1% 2.2%
60th		 2.3%
Share count change (YoY) -3.3% -0.5%
0th		 0.0%
Buybacks, last 5 years $1.9B $9.5M
90th		 $35.6M

Scores & forensic checks

MeasureSTLDIndustry medianIndustry percentileSector median
IS score 63 42
70th		 57
IS profitability 43 28
90th		 44
IS growth 73 66
90th		 59
IS value 62 62
50th		 54
IS momentum 88 79
80th		 78
IS risk (safety) 100 50
70th		 80
IS quality 70 67
70th		 70
IS balance sheet 77 74
70th		 65
IS earnings quality 80 74
80th		 71
IS cash flow 42 35
70th		 49
Piotroski F-score (0-9) 7 6
80th		 6
Altman Z-score 5.9 2.4
80th		 3.1
Beneish M-score −2.15 −2.15
50th		 −2.55
Ohlson O-score −9.28 −9.28
50th		 −8.14
IS credit score 91 60
70th		 70

Per share

MeasureSTLDIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $11.13 $3.56
80th		 $1.57
Book value per share $65.23 $44.20
70th		 $16.95
Tangible book per share $59.35 $39.93
60th		 $8.43
Revenue per share $142.24 $82.26
80th		 $31.21
FCF per share $6.62 $2.00
70th		 $1.99
Operating cash flow per share $10.88 $7.83
70th		 $4.23
Cash per share $3.93 $4.96
30th		 $2.16

Size (TTM)

MeasureSTLDIndustry medianIndustry percentileSector median
Market cap $34.5B $11.2B
80th		 $4.7B
Revenue $20.5B $15.8B
80th		 $2.5B
EBITDA $3.0B $1.3B
80th		 $488.0M
Net income $1.6B $655.8M
80th		 $137.1M
Free cash flow $955.6M $99.9M
90th		 $142.7M
Total assets $17.1B $11.2B
60th		 $3.8B
Shareholders' equity $9.4B $5.6B
70th		 $1.6B
Employees 14,400 14,400
50th		 4,067

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-09Sierra Luis Manuel
Director
 Award / grant 7——11,530
2026-10-09Seaman Bradley S
Director
 Award / grant 105——51,705
2026-10-09Hamann Jennifer L
Director
 Award / grant 18——5,394
2026-10-09Dolan Traci M
Director
 Award / grant 97——59,067
2026-10-09Cornew Kenneth W.
Director
 Award / grant 2——32,015
2026-10-09Bargabos Sheree L
Director
 Award / grant 40——27,145
2026-08-13Hamann Jennifer L
Director
 Award / grant 72——5,376
2026-07-28Millett Mark D
Director, Chairman and CEO
 Gift 300——3,016,401
2026-07-10Sierra Luis Manuel
Director
 Award / grant 7——11,523
2026-07-10Seaman Bradley S
Director
 Award / grant 109——51,600
2026-07-10Hamann Jennifer L
Director
 Award / grant 18——5,304
2026-07-10Dolan Traci M
Director
 Award / grant 102——58,970

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired225,289—
GiftDisposed2500—
Open-market saleDisposed1331,125$7.6M
Tax withholdingDisposed1166$37,958
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 8 notices · 41,702 shares · $9.5M
FiledFilerShares proposedEst. proceeds
2026-06-05James Anderson10,000$2.7M
2026-06-02Shaheen Gabriel1,526$394,044
2026-06-01Shaheen Gabriel800$206,576
2026-05-13Graham Christopher A9,000$2.1M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 4 trades (3 purchases) · Senate 3 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-07-07Ro KhannaHouseSale$1,001 - $15,0002026-08-12
2026-05-01Ro KhannaHousePurchase$1,001 - $15,0002026-06-11
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-21
2026-01-09Gilbert CisnerosHousePurchase$1,001 - $15,0002026-02-13
2026-01-08Gilbert Ray CisnerosHousePurchase$1,001 - $15,0002026-02-13
2025-12-22John FettermanSenateSale$1,001 - $15,0002026-01-06
2025-12-22John Karl FettermanSenateSale$1,001 - $15,0002026-01-06
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.12,396,499$2.8B8.65%
VANGUARD CAPITAL MANAGEMENT LLC8,902,216$2.0B6.21%
FMR LLC7,720,913$1.8B5.39%
STATE STREET CORP7,376,476$1.7B5.15%
VANGUARD PORTFOLIO MANAGEMENT LLC6,755,104$1.6B4.71%
GEODE CAPITAL MANAGEMENT, LLC3,778,189$863.6M2.64%
Capital Research Global Investors3,639,878$835.2M2.54%
NORGES BANK2,476,326$568.2M1.73%
Life Cycle Investment Partners Ltd2,298,976$527.5M1.60%
NORDEA INVESTMENT MANAGEMENT AB2,249,235$519.6M1.57%
PRICE T ROWE ASSOCIATES INC /MD/2,130,688$488.9M1.49%
MORGAN STANLEY1,992,401$457.2M1.39%
DIMENSIONAL FUND ADVISORS LP1,954,394$448.5M1.36%
Invesco Ltd.1,843,085$422.9M1.29%
JPMORGAN CHASE & CO1,554,812$364.2M1.08%

Institutional ownership by quarter

2023-092026-0683.5%
% of shares held by 13F filers
2023-092026-061,028
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,02883.5%15934637465
2026-03-3194281.6%12933032091
2025-12-3191883.6%18029829949
2025-09-3080577.3%8926132088
2025-06-3081882.4%9728033577
2025-03-3180984.8%11727630192
2024-12-3179685.7%11729028093
2024-09-3078985.8%9325532381
2024-06-3078389.4%8831326375
2024-03-3178489.8%10828727883
2023-12-3176991.0%13623829848
2023-09-3069293.5%6624328871

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-05-12SCHEDULE 13GSTATE STREET CORPORATION5.2%7,520,492
2026-04-30SCHEDULE 13GVanguard Capital Management7.1%10,347,423
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
2025-02-05SCHEDULE 13G/ABlackRock, Inc.7.8%11,907,020
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$957.3M
VTSAX0.04%$957.3M
VSMPX0.04%$957.3M
VTI0.04%$957.3M
VOO0.05%$784.1M
VFIAX0.05%$784.1M

Share structure

Shares outstanding143,328,097
Float133,593,592
Free float93.2%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$18.4B$22.3B$18.8B$17.5B$18.2B
Cost of revenue$13.0B$16.1B$14.7B$14.7B$15.8B
Gross profit$5.4B$6.1B$4.0B$2.8B$2.4B
R&D$0$0$0$0$0
SG&A$644.0M$545.6M$588.6M$664.1M$888.3M
Operating income$4.3B$5.1B$3.2B$1.9B$1.5B
EBITDA$4.6B$5.5B$3.7B$2.5B$2.1B
Pretax income$4.2B$5.0B$3.2B$2.0B$1.5B
Income tax$962.3M$1.1B$751.6M$432.9M$305.7M
Net income$3.2B$3.9B$2.5B$1.5B$1.2B
EPS, diluted$15.56$20.92$14.64$9.84$7.99
Diluted shares206.6M184.6M167.4M156.1M148.4M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.2B$2.3B$2.1B$737.3M$769.9M
Receivables$1.9B$2.1B$1.6B$1.4B$1.7B
Inventory$3.5B$3.1B$2.9B$3.1B$3.7B
Total current assets$6.9B$7.6B$6.8B$5.4B$6.5B
PP&E, net$4.8B$5.4B$6.7B$8.1B$8.6B
Goodwill & intangibles$749.2M$769.6M$735.2M$704.7M$808.8M
Total assets$12.5B$14.2B$14.9B$14.9B$16.4B
Accounts payable$1.3B$1.0B$1.1B$979.9M$1.2B
Total current liabilities$2.2B$2.0B$2.3B$2.2B$2.1B
Long-term debt$3.0B$3.0B$2.6B$2.8B$4.2B
Total liabilities$6.2B$6.1B$6.1B$6.0B$7.5B
Shareholders' equity$6.3B$8.1B$8.8B$8.9B$8.9B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$3.2B$3.9B$2.5B$1.5B$1.2B
Depreciation & amortization$347.7M$384.2M$437.8M$478.9M$551.4M
Stock-based compensation$57.7M$59.2M$61.7M$66.6M$0
Change in working capital−$1.8B$102.1M$517.1M−$202.9M−$442.3M
Operating cash flow$2.2B$4.5B$3.5B$1.8B$1.4B
Capital expenditure−$1.0B−$908.9M−$1.7B−$1.9B−$948.0M
Free cash flow$1.2B$3.6B$1.9B−$23.5M$501.5M
Investing cash flow−$999.4M−$1.9B−$2.0B−$1.3B−$975.0M
Net debt issued / repaid−$5.4M−$42.2M−$1.9M$158.9M$985.8M
Buybacks−$1.1B−$1.8B−$1.5B−$1.2B−$900.9M
Dividends paid−$213.0M−$237.2M−$271.3M−$282.6M−$291.2M

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin29.1%27.5%21.5%16.0%13.1%
Operating margin23.4%22.9%16.8%11.1%8.1%
Net margin17.5%17.4%13.0%8.8%6.5%
FCF margin6.5%16.0%9.9%-0.1%2.8%
ROE60.4%53.5%28.8%17.3%13.3%
ROIC40.6%44.0%24.6%13.2%9.5%
ROA29.5%28.9%16.9%10.3%7.6%
Debt / equity0.490.380.350.370.47
Interest coverage74.6x55.9x43.1x36.2x22.3x
Current ratio3.103.762.912.533.06
Revenue growth+91.7%+20.9%−15.6%−6.7%+3.6%
EPS growth+522.4%+35.8%−31.2%−33.4%−19.4%
P/E at year end3.6x4.3x7.6x11.2x20.9x
EV / EBITDA at year end2.9x3.1x5.3x7.9x13.3x
FCF yield at year end10.30%21.54%9.97%-0.14%2.02%
Dividend payout6.6%6.1%11.1%18.4%24.6%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Steel Operations$12.6B$13.8B$11.6B$12.5B$13.0B
Metals Recycling and Ferrous Resources Operations$1.7B$1.5B$1.4B$4.1B$4.3B
Steel Fabrication Operations$1.8B$4.2B$2.8B$1.8B$1.4B
Metals Recycling Operations————$2.0B
Other————$1.3B
All Other Segments$1.3B$1.3B$1.2B——
Aluminum Operations————$361.1M

Revenue by region · FY2025

U [S]$17.0B · 100%

Street estimates by fiscal year

Next report 2026-10-19 · consensus EPS $5.47 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$24.0B$22.8B – $25.1B$17.73$17.12 – $18.12613.6x
2027$24.9B$22.9B – $27.3B$21.58$20.06 – $22.29911.1x
2028$23.8B$20.7B – $26.1B$18.59$14.81 – $25.04612.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-04-22$2.84$2.78−2.1%$5.1B$5.2B+2.1%
2026-01-26$1.70$1.82+7.1%$4.6B$4.4B−3.0%
2025-10-20$2.63$2.74+4.2%$4.8B$4.8B+1.3%
2025-07-21$2.24$2.01−10.3%$4.7B$4.6B−3.2%
2025-04-22$1.38$1.44+4.3%$4.2B$4.4B+4.2%
2025-01-22$1.69$1.36−19.5%$4.0B$3.9B−2.4%
2024-10-16$1.97$2.05+4.1%$4.2B$4.3B+3.9%
2024-07-17$2.67$2.72+1.9%$4.4B$4.6B+4.6%
2024-04-23$3.51$3.67+4.6%$4.7B$4.7B−0.9%
2024-01-23$2.66$2.61−1.9%$4.1B$4.2B+2.4%
2023-10-18$3.43$3.47+1.2%$4.1B$4.6B+12.9%
2023-07-19$4.79$4.81+0.4%$5.2B$5.1B−1.6%
2023-04-19$3.52$4.01+13.9%$5.0B$4.9B−2.2%
2023-01-25$3.79$4.37+15.3%$4.7B$4.8B+2.0%
2022-10-19$5.09$5.46+7.3%$5.5B$5.7B+2.3%
2022-07-20$6.05$6.73+11.2%$6.0B$6.2B+3.9%
2022-04-20$5.66$6.02+6.4%$5.4B$5.6B+3.2%
2022-01-24$5.72$5.78+1.0%$5.4B$5.3B−1.1%
2021-10-18$4.77$4.96+4.0%$4.9B$5.1B+4.8%
2021-07-19$3.42$3.40−0.6%$4.2B$4.5B+6.4%
2021-04-19$1.91$2.10+9.9%$3.3B$3.5B+6.2%
2021-01-25$0.82$0.97+18.3%$2.1B$2.6B+22.4%
2020-10-19$0.47$0.51+8.5%$2.1B$2.3B+8.5%
2020-07-20$0.41$0.47+14.6%$1.6B$2.1B+34.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.506-150.406-220.306-290.307-060.307-130.507-200.407-270.508-030.308-100.708-170.508-240.308-31
Week ofNotionalSharesTrades
2026-08-31$293.4M1,212,86244,068
2026-08-24$505.9M2,172,76960,229
2026-08-17$692.8M2,980,59870,657
2026-08-10$330.4M1,255,89441,929
2026-08-03$497.1M1,897,29158,841
2026-07-27$442.0M1,746,74455,158

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1547.1%
DateShort shareShort volumeTotal volume
2026-10-1547.1%179,007380,091
2026-10-1465.9%213,632324,055
2026-10-1365.2%184,260282,739
2026-10-1268.0%213,164313,565
2026-10-0968.0%139,174204,608
2026-10-0869.8%276,451396,193
2026-10-0767.7%131,377194,038
2026-10-0646.2%163,277353,060
2026-10-0559.7%217,643364,636
2026-10-0254.3%113,705209,332
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.4Jan+2.6Feb+4.1Mar+2.1Apr-1.4May+0.1Jun+2.3Jul-2.8Aug-2.1Sep+6.5Oct+3.6Nov+4.3Dec
MonthAvg returnUp yearsYears
Jan+0.4%50%20
Feb+2.6%70%20
Mar+4.1%62%21
Apr+2.1%65%20
May−1.4%45%20
Jun+0.1%35%20
Jul+2.3%60%20
Aug−2.8%30%20
Sep−2.1%35%20
Oct+6.5%80%20
Nov+3.6%60%20
Dec+4.3%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1454.2
MFI60.8
ADX11.9
Stochastic %K / %D82.2 / 83.8
Williams %R-27.8
CCI122
TSI / signal3.3 / -3.1
Chaikin money flow-0.08
ATR$7.09
Bollinger width10.4%
Volume vs 20-day avg1.10x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$234.26 (+2.7%)
SMA 50$239.28 (+0.5%)
SMA 200$220.04 (+9.3%)
EMA 21$237.00 (+1.5%)
EMA 50$238.07 (+1.0%)
EMA 200$219.44 (+9.6%)
Bollinger upper$246.43 (−2.4%)
Bollinger lower$222.08 (+8.3%)
Parabolic SAR$223.44 (+7.7%)
Open the live chart, 110+ indicators

About Steel Dynamics, Inc.

Steel Dynamics, Inc. is a prominent American steel manufacturer and metal recycling enterprise, conducting its operations through three distinct business divisions. The Steel Operations segment is responsible for producing a broad range of steel products, including hot, cold, and coated rolled steel, various structural shapes like beams, channels, and angles, flat and reinforcing bars, and a diverse selection of rail and engineered steel bar products. This segment also provides specialized processing services for both bar products (such as turning, polishing, and heat treating) and specialty items (including cutting, welding, and galvanizing). Its offerings cater to numerous industries, such as construction, automotive, manufacturing, transportation, heavy and agricultural equipment, and pipe and tube production. Sales are channeled directly to end-users, steel fabricators, and service centers. The Metals Recycling Operations division focuses on acquiring, processing, and reselling ferrous (e.g., heavy melting steel, shredded scrap, cast iron) and nonferrous (e.g., aluminum, copper, stainless steel) scrap metals, transforming them into reusable materials. This division further offers supplementary services including transportation logistics, marketing, brokerage, and scrap management. The Steel Fabrication Operations segment manufactures crucial components for commercial building construction, such as steel joists, girders, trusses, and steel deck products. Established in 1993 and headquartered in Fort Wayne, Indiana, the company also engages in exporting its products internationally.

https://www.steeldynamics.com

Key executives

NameTitlePayBorn
Mark D. MillettCo-Founder, Chairman & Chief Executive Officer$7.0M1960
Barry T. SchneiderExecutive VP & CTO$4.2M1969
Theresa E. WaglerExecutive VP, CFO, Company Secretary & Director$3.9M1970
Christopher A. GrahamExecutive VP & COO of Flat Rolled Steel Operations$2.2M1964
David A. LipschitzInvestor Relations Director——
James S. AndersonExecutive VP & COO of Construction Products Operations—1961
Miguel AlvarezExecutive VP and COO of Aluminum Flat Rolled Products & Metals Recycling Operations—1968
Richard A. PoinsatteExecutive VP & Treasurer—1967

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Mark D. Millett Chairman and Chief Executive Officer2025$1.5M$5.1M$5.4M$12.1M
Barry T. Schneider President and Chief Operating Officer2025$925,000$2.8M$3.2M$7.0M
Theresa E. Wagler Executive Vice President, Chief Financial Officer and Corporate Secretary2025$850,000$2.6M$3.0M$6.5M
Glenn A. Pushis (retired January 9, 2026) Former Senior Vice President Special Projects2025$705,000$1.9M$2.1M$4.7M
Christopher A. Graham Senior Vice President Flat Roll Steel Group2025$705,000$2.1M$1.4M$4.2M

Employees

8k20188k201910k202011k202112k202213k202313k202414k2025

Dividends

Ex-dateAmountPaid
2026-09-30$0.532026-10-09
2026-06-30$0.532026-07-10
2026-03-31$0.532026-04-10
2025-12-31$0.52026-01-09
2025-09-30$0.52025-10-10
2025-06-30$0.52025-07-11
2025-03-31$0.52025-04-11
2024-12-31$0.462025-01-10

Moat model

Narrow · Efficient Scale · 2026-06-30
Cost advantage88
Intangibles36
Switching costs31
Network effect45
Efficient scale95
Our component scores (0-100) and overall 55.4; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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